primero corporate presentation november final

Focused on Production Focused on Growth

Corporate Update November 2012

TSX:P NYSE:PPP

TSX:P | NYSE:PPP

This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com. This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)), the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Unless otherwise indicated, all dollar values herein are in US$.

Cautionary Statement

2

TSX:P | NYSE:PPP

Primero – Creating Value

Long-life, high-grade asset

Significant free cash flow

Experienced management & board

Substantial exploration upside

Corporate History

August 2010 Acquired San Dimas from Goldcorp

November 2012 • Strengthened Balance Sheet • Listed on TSX:P, NYSE:PPP

• Increased throughput • Exploration success

3

AMERICAS FOCUSED GOLD-SILVER PRODUCER

-50%

0%

50%

100%

150%

200%

Oct 11 Jan 12 Apr 12 Jul 12 Oct 12

Primero S&P TSX Gold Index

PRIMERO SHARE PRICE PERFORMANCE

Ventanas Exploration Property

San Dimas Gold-Silver Mine

MEXICO

TSX:P | NYSE:PPP

0

50

100

150

200

2011 2012E 2013E 2014E 2015E

Gold Gold Equivalent

Strong Growth Profile

1 . “Gold equivalent ounces” include silver production converted to a gold equivalent based on estimated average realized commodity prices. 2012: $1,600 per ounce of gold and $9.41 per ounce of silver ($30 per ounce for ounces sold at spot and ~$4 per ounce for contract ounces), 2013 onwards uses consensus metal prices and accounts for silver purchase agreement.

4

2,500 TPD

Estimated Production Profile (000 AuEq ounces1)

2,500 TPD

2,150 TPD

1,950 TPD

12%

~16%

~20%

TSX:P | NYSE:PPP

Significant Free Cash Flow

5

$900M MARKET CAP. $2.2B MARKET CAP. $700M MARKET CAP.

$2.2B MARKET CAP.

Not Applicable

81.00x

61.92x

20.28x

14.63x 13.06x 10.82x

7.35x

Timmins Lakeshore AuRico Alamos Argonaut B2Gold Primero Aurizon

Average=30.0x

Free Cash Flow Multiples1

1 . 2013E free cash flow multiple estimates according to consensus data as at October 25, 2012.

TSX:P | NYSE:PPP 6 TSX:P | NYSE:PPP

Objective: Become a Leading Intermediate Gold Producer

Optimize and expand

existing mine/s

Increase Reserves through

exploration

Diversify through

opportunistic, accretive

acquisitions

Focused Strategy

Deliver operational and financial results

TSX:P | NYSE:PPP

Balance Sheet & Cash Flow Funds Growth

Exchanges TSX:P NYSE:PPP

Balance Sheet (est. at Aug. 6, 2012)

Cash

Promissory note2

$126 million

$45 million

Ownership Goldcorp

Management & insiders Institutional & float

32% ~2%

~66%

Capital Structure Shares outstanding Fully Diluted3

Market Cap. At Oct. 25, 2012

97 million

126 million C$700 million

1. Estimated five-year average after-tax operating cash flow based on production profile discussed in the October 15, 2012 News Release “Primero Announces Expansion of its San Dimas Mine”.

2. Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015. Principal prepayment equal to 50% of Excess Free Cash Flow.

3. Fully diluted shares include 20.8 million warrants with an exercise price of Cdn$8 per share, expiring on July 20, 2015; and 8.5 million options with an average exercise price of Cdn$5.50.

$126M

Strong Cash Balance

$120M1

Significant Operating Cash Flow

7

Conservative Level of Debt

$5M

Repayment per year2

TSX:P | NYSE:PPP

Delivering Results

$-

$0.10

$0.20

$0.30

$0.40

$0.50

Q2 2011 Q2 2012

Increasing Cash Flow Op CF before changes in working capital ($ per share)

8

105%

1. Based on 365 days per year. 2. Refer to second quarter 2012 MD&A for adjustments.

$-

$0.10

$0.20

Q2 2011 Q2 2012

Increasing Earnings2 Adjusted EPS ($ per share)

180%

1,500

2,000

YTD 2011 YTD 2012

Increasing Throughput1 (tonnes per day)

18%

-

1.00

2.00

3.00

4.00

5.00

Q4 2011 Q1 2012 Q2 2012

Increasing Grade (grams of gold per tonne)

9% 5%

TSX:P | NYSE:PPP

Increased 2012 Production Guidance

Original 2012E Revised 2012E

Mill Throughput1 (tonnes per day)

1,890 1,950

Gold equivalent production2

(gold equivalent ounces) 100,000-110,000 110,000-120,000

Gold production (ounces)

80,000-90,000 85,000-95,000

Silver production (million ounces)

4.5-5.0 5.0-5.5

Cash cost3 ($ per gold equivalent ounce)

$630-660 $610-640

Cash cost3 – by-product ($ per gold ounce)

$310-340 $340-370

1. Based on 365 days per year. 2. “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on 2012 estimated

average realized commodity prices ($1,600 per ounce of gold and $9.41 per ounce of silver in full year 2012). 3. Cash cost is a non-GAAP measure. Refer to the second quarter 2012 MD&A for a reconciliation of cash costs.

9

90

95

100

105

110

115

120

2010 2011 2012E

Increasing Production (gold equivalent ounces)

-

100

200

300

400

500

2010 2011 2012E

2%

8-17%

Reducing Cash Costs (By-Product $ per gold ounce)

18% 4-11%



exploration

Diversify through


acquisitions


Optimize and expand

existing mine/s


Focused Strategy

TSX:P | NYSE:PPP

San Dimas: Solid Platform for Growth

11

LOCATION Durango-Sinaloa State Border

OWNERSHIP 100%

METALS Gold & Silver

MINING Underground, cut and fill

HISTORY 100+ years of production

One of Mexico’s Most Significant Precious Metals Deposits

PRODUCTION Revised 2012E 2013E-2017E Average Est.

Gold equivalent production2

(gold equivalent ounces) 110,000-120,000 160,000

Gold production (ounces) 85,000-95,000 120,000

Silver production (million ounces) 5.0-5.5 7.3

Cash cost3 ($ per gold equivalent ounce) $610-640 $510

Cash cost3 – by-product ($ per gold ounce) $340-370 $200

TSX:P | NYSE:PPP

Silver Purchase Agreement

Primero sells 50% of annual silver production above 3.5 million ounces at spot

Remainder sold at ~$4 per ounce under silver purchase agreement

Threshold increases to 6.0 million ounces on August 6, 2014

Expansion results in similar silver sales at spot post August 6, 2014

12

Recent Tax Ruling Created Positive Silver Leverage

0.86

1.11

1.33

0.92

0.25

0.47

Q3 2011 Q4 2011 Q1 2012 Q2 2012

Silver Sales (million ounces)

Silver sold at spotSilver sold under contract

TSX:P | NYSE:PPP

TAYOLTITA MINE Mined 1975 - 2002

CENTRAL BLOCK MINE Mined 2002 - Present

SAN ANTONIO MINE Mined 1987 - 2002

13

Tayoltita Mill

Tunnels

2012 Planned Tunnels

Future Planned Tunnels

Veins

Faults

Ag-Au High Grade Trend

Targets

Mines

Large 22,500 hectare land package; Over 120 known veins

Long-Life Mining District Produced 11M oz Au To Date

CENTRAL BLOCK

TAYOLTITA BLOCK

SINALOA GRABEN BLOCK

WEST BLOCK

ARANA HANGING

WALL

2012 Target

2012 Target

TSX:P | NYSE:PPP

Expansion Timeline

14

Expansion to 2,500TPD and Potential for Further Expansion to 3,000TPD

2012 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Optimization (SD at 2,150TPD)

Inc. Truck Tonnage

Equip. Sequencing

3D Mine Planning

Expansion 1 (SD at 2,500TPD)

Feasibility Study

Crushing/Grinding

Leaching

Thickening

Tailings

Potential Expansion 2

(SD at 3,000TPD)


Optimize San Dimas

Maximize Throughput

Ensure throughput at mill capacity of 785,000 TPY

Optimization project to increase throughput from current 1,925 TPD to capacity of 2,150 TPD

Control Costs Reduce costs per tonne Improve productivity per man shift

Optimize Grade Implementing 3D Planning Control mining dilution

Accelerate Mine Development Increase number of mining faces Complete lateral haulage connections between

current mining and exploration areas

1,500

2,000

2010 2011 2012E

Increasing Throughput (tonnes per day)

$200

$250

$300

$350

$400

$450

$500

2010 2011 2012E

8%

8%

$87 $14-$44

Reducing Costs ($ per gold ounce, by-product)

TSX:P | NYSE:PPP

Expand San Dimas to 2,500 TPD

Total capital expenditure of $14.4 million

Expand milling capacity to 912,500 TPY Install third ball mill, already on-site Bring back on-line third cone crusher Install new tailings thickener and pumps

Expand mine throughput Develop Sinaloa Graben veins Connect Central Block to Sinaloa Graben New mining equipment

Future expansion to 3,000 TPD possible Dependent on exploration success Minimal capital and no disruption to operation

16

Project IRR of 150%, with payback period of less than 24 months

Mill Expansion to: 2,500TPD

CAPACITY


Optimize and expand

existing mine/s

Diversify through


acquisitions



exploration


Focused Strategy

TSX:P | NYSE:PPP

Large Increase in Reserves and Resources at Mid-Year

18

RESERVES & RESOURCES1 (at June 30, 2012, Resources include Reserves.)

Classification Tonnage (Mt)

Gold Grade (g/t)

Silver Grade (g/ t)

Gold (koz)

Silver (koz)

Mineral Reserves

Probable 3.785 4.8 290 584 34,700

Mineral Resources

Indicated 3.193 6.6 400 678 40,630

Inferred 6.865 4.0 300 866 67,500

Probable Gold Reserves increased by 16%

Indicated Gold Resources increased 17%

Inferred Gold Resources increased by 23%

Replaced Depletion by 265% at mid-year

Increased Reserve average grade and width

1 . See Slide 31 for Reserve & Resource notes & details and Slide 6 for silver purchase agreement details .

0

100

200

300

400

500

600

Dec 30, 11 Jun 30, 12

16%

Probable Gold Reserves (000s ounces)

4.0

4.5

5.0

31-Dec-11 30-Jun-12

Increased Reserve Grade (grams per tonne of gold)

7%

TSX:P | NYSE:PPP

Improved Geological Understanding

Favorable Horizon

Mineralization – Ore Bodies Extension of the Favorable Horizon

Potential

0 1 2

K I L O M E T E R S

SW NE 3,000 m.

2,000 m.

1,000 m.

3,000 m.

2,000 m.

1,000 m.

Source: San Dimas Geology Office

Intrusive

Faults

West Block 2012 EXPLORATION

San Antonio Mined 1987-2002

Central Block Mined 2002-Current

Tayoltita Block Mined 1975-2002

Arana Hanging Wall

Sinaloa Graben 2012 EXPLORATION

19

2012 EXPLORATION PROGRAM DRILLING BETWEEN EXISTING MINES

Unlocks District Wide Exploration Potential

TSX:P | NYSE:PPP

Aggressive 2012 Exploration & Development Program

20

Development 6,500 metres development drifting Tunnels have entered Sinaloa Graben from the

east (Central Block) and from the south Lower level tunnel commenced, expected to be

completed in 12-18 months

Program Targets Vein Extensions from Existing Mines

Exploration $14 million exploration program 40,000 metres delineation drilling 40,000 metres diamond drilling, plus 2,000

metres of exploration drifting

Central Block Mined 2002-Current

Sinaloa Graben 2012 EXPLORATION

ROBERTITA CROSS SECTION

DELINEATION

Sinaloa Graben Tunnel

Tunnels 2012 Planned Tunnels Future Planned Tunnels

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Two Veins Already Discovered in 2012

21

Located in Prolific Central Corridor Alexa located 125m north of Victoria Targeting inclusion in Reserves by 2012 year-end Mining access expected by 2012 year-end

Alexa and Victoria Veins Close to Infrastructure

Strategic Underground Drill Locations Drilling from old El Pilar workings, Sinaloa

Graben tunnel and a drift from Robertita

TSX:P | NYSE:PPP 22

Drift

Length Width (m)

Silver Gold (g/t)

1. Aranza 7-129W 79 2.2 543 5.2

Elia 8-285W 221 2.8 1,491 15.9

Elia 8-359W 69 2.2 668 8.1

2. Rob 21-822E 167 3.0 686 13.8

Drill Hole Width Silver Gold

3. TGS-S-22 8.6 958 6.8

TGS-S-15 7.5 403 8.1

4. PIL 7-01 2.9 508 16.0

5. SOL-9-02 1.8 549 10.7

6. MAR-9-17 2.4 514 8.9

7. RO-16-03 1.4 205 9.5

LEGEND

1

2

6 5

4

3

7

Additional Discovery Opportunities

Targeting Historical Significant Intercepts Close to Infrastructure


Optimize and expand

existing mine/s


exploration


Diversify through


acquisitions


Focused Strategy

TSX:P | NYSE:PPP

EXPLORATION

OPTIMIZATION & EXPANSION

ACQUISITION/S

24 TSX:P | NYSE:PPP

Growth Through Acquisition

Primary objective is asset base diversification

Near term focus on advanced projects

Long term focus to create a portfolio of early and advanced stage projects

Mining friendly jurisdictions in the Americas only

Focus on similar scale to San Dimas

Selective Acquisition Criteria

SAN DIMAS PLATFORM

Growth Strategy

ACQUISITION/S

SAN DIMAS OPTIMIZATION

AMERICAS ACQUISITIONS

LEADING MID-TIER GOLD PRODUCER

TSX:P | NYSE:PPP

2012 Objectives & Catalysts

25

Produce or exceed 100,000-110,000 AuEq oz Increased guidance to 110,000 to 120,000 AuEq oz

Replace reserves with 150% of production Replaced reserves with 265% of depletion at mid-year

Commence mill expansion construction Commenced in October 2012

Maintain industry leading Corporate Responsibility standards Below industry average LTI frequency

Improve productivity per man shift

Develop access across Sinaloa Graben

Acquire high quality project(s) in mining friendly jurisdictions in the Americas

Optimization Program Update Exploration Results

2012 Reserves & Resources Potential announcement of expansion to 3,000 TPD (before 2013 year-end)

Upcoming Catalysts

2012 2013

Q4 Q1

TSX:P | NYSE:PPP

The Primero Opportunity

Long-Life, High-Grade Asset

Cash Flow and Capital to Fund Growth

Significant Exploration Potential

Proven Management & Board

Attractive Valuation

26

Compelling Investment Argument


TSX:P NYSE:PPP

PRIMERO MINING CORP. Suite 2301, 20 Queen Street West Toronto, ON M5H 3R3 T 416 814 3160 F 416 814 3170 TF 877 619 3160 www.primeromining.com

Tamara Brown Vice President, Investor Relations T 416 814 3168 [email protected]

Trading Symbols Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT

http://www.primeromining.com/

mailto:[email protected]

TSX:P | NYSE:PPP 28

Appendices

TSX:P | NYSE:PPP

Executive Management

Joseph F. Conway | President & C.E.O. 1

Former CEO, President and Director of IAMGOLD from 2003 to 2010

Former President, CEO and Director of Repadre Capital from 1995 to 2003

Renaud Adams | C.O.O.

Former SVP, American Operations for IAMGOLD Former General Manager of Rosebel Gold Mine

2007 to 2010 Former General Manager El Toqui Mine in Chile

and then the El Mochito Mine in Honduras

David Blaiklock | C.F.O.

Former Controller IntraWest Previously controller for a number of public and

private companies in real estate development

David Sandison | VP Corporate Development

Former Director, Corporate Development Xstrata Zinc Canada

Former Director Business Development, Noranda/Falconbridge

Former EVP Noranda, Chile

Board Committees: 1.Health, Safety and Environment

Tamara Brown | VP Investor Relations

Former Director Investor Relations for IAMGOLD Former Partner of a Toronto based, boutique

investment bank; Professional engineer in mining industry

29

H. Maura Lendon | VP, Chief General Counsel and Corporate Secretary

Former Senior Vice President, Chief Legal Officer and Corporate Secretary of HudBay Minerals Inc.

Former Chief Counsel Canada, Chief Privacy Officer - Canada of AT&T

TSX:P | NYSE:PPP

Board of Directors

Board Committees: 1.Health, Safety and Environment 2. Human Resources and Compensation 3. Governance and Nominating 4. Lead Director 5. Audit

Wade Nesmith | Chairman

Founder of Primero Founding and current director

of Silver Wheaton, Chairman of Selwyn Resources

Joseph Conway | Director1

see Executive Management

David Demers | Director2,3,4,5

Founder, CEO and Director Westport Innovations

Director of Cummins Westport and Juniper Engines

Grant Edey | Director 3,5

Former Director of Breakwater Resources, former director of Queenstake Resources, Santa Cruz Gold

Former CFO, IAMGOLD

Rohan Hazelton | Director 1,5

VP, Strategy, Goldcorp Formerly with Wheaton River

and Deloitte & Touche LLP

Timo Jauristo | Director 2

EVP, Corporate Development, Goldcorp

Former CEO of Zincore Metals Inc. and Southwestern Resources Corp.

Eduardo Luna | Director 1

Former EVP & President, Mexico. Former Chairman and CEO of Silver Wheaton, Executive VP of Goldcorp and Luismin S.A. de C.V. (San Dimas) and President of Mexican Mining Chamber and the Silver Institute

Robert Quartermain | Director 2,3

Founder and President & CEO, Pretivm Resources

Former President, Silver Standard Director of Vista Gold Corp.

and Canplats Resources

Michael Riley | Director 5

Chartered accountant with more than 26 years of accounting experience

Chair of Primero Audit Committee, Chair of Audit Committee of B.C. Lottery Corporation and member of the Audit Committee of Canalaska Uranium Ltd.

30

TSX:P | NYSE:PPP

Attractive Valuation

31 1 . Based on street consensus figures as at October 25, 2012.

P/CF(2012) 1

P/NAV1

0.96x 0.93x 0.91x

0.75x 0.75x 0.74x

0.62x

0.40x

Alamos B2Gold Argonaut Aurizon Aurizon Primero AuRico Lakeshore

11.0x 10.9x

8.1x 7.8x 7.3x 6.9x

5.0x

3.4x

Argonaut Alamos B2Gold AuRico Primero Aurizon Timmins Lakeshore

Average=7.6x

Average=0.76x

TSX:P | NYSE:PPP

Analyst Coverage

32

Firm Analyst

BMO Capital Markets David Haughton

Canaccord Genuity Steven Butler

Cormark Securities Richard Gray

GMP Securities Craig West

Mackie Research Barry Allen

Macquarie Michael Gray

TD Newcrest Steven Green

UBS1 Chris Lichtenheldt

Average Rating (at October 25, 2012)

Average Target Price (at October 25, 2012) C$9.82

1. Transferring Coverage following analyst departure.


June 30, 2012 Mineral Resources and Mineral Reserves1

Classification (MINERAL RESOURCES

INCLUDE MINERAL RESERVES)

Tonnage (million tonnes)

Gold Grade (g/t) Silver Grade (g/ t)

Contained Gold (000 ounces)

Contained Silver (000 ounces)

Mineral Reserves Probable 3.785 4.8 290 584 34,700

Mineral Resources Indicated 3.193 6.6 400 678 40,630 Inferred 6.865 4.0 300 866 67,500

Notes to Reserve Statement: 1. Cutoff grade of 2.52g/t gold equivalent (“AuEq”) based on total operating cost of US$98.5/t. Metal prices assumed are gold US$1,250 per troy ounce and silver

US$20 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability. 2. Processing recovery factors for gold and silver of 97% and 94% assumed. 3. Exchange rate assumed is 13 pesos/US$1.00. 4. The Mineral Reserve estimates were prepared by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of National

Instrument 43-101 (“NI 43-101”). Notes to Resource Statement: 1. Mineral Resources are total and include those resources converted to Mineral Reserves. 2. A 2g/t AuEq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,400 per troy ounce and a silver price of US$25 per troy ounce. 3. A constant bulk density of 2.7 tonnes/m3 has been used. 4. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants

(Canada) Ltd. and a QP for the purposes of NI 43-101.

Additional exploration potential estimated at 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per tonne of silver. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

TSX:P | NYSE:PPP

Reserves & Resources within Wireframes by Vein Estimated as at June 30, 2012

34

Reserves Indicated Resources Inferred Resources constrained within wireframes

Block Vein Tonnes (t) Au (g/t) Au (oz) Percentage Tonnes (t) Au (g/t) Au (oz) Percentage Tonnes (t) Au (g/t) Au (oz) Percentage

Central Robertita 1,007,000 5.60 182,300 31% 766,000 8.12 199,800 29% 603,000 6.17 119,700 25%

Central Roberta 992,000 5.40 172,100 29% 709,000 9.13 208,100 31% 759,000 4.61 112,500 24%

Central Marina 1 299,000 7.00 67,800 12% 279,000 8.39 75,194 11% 182,000 6.39 37,420 8%

Sinaloa Elia 143,000 6.10 28,100 5% 100,000 9.63 31,100 5% 82,000 9.28 24,600 5%

Central San Enrique 197,000 4.30 27,000 5% 186,000 5.07 30,300 4% 97,000 3.88 12,100 3%

Central Santa Lucia 341,000 2.00 22,100 4% 384,000 2.12 26,100 4% 302,000 1.51 14,600 3%

Sinaloa Aranza 146,000 4.10 19,200 3% 120,000 5.60 21,700 3% 33,000 7.98 8,500 2%

Central Castellana 216,000 2.50 17,400 3% 207,000 3.17 21,100 3% 183,000 2.87 16,900 4%

Central Celia 160,000 2.60 13,300 2% 154,000 3.15 15,600 2% 159,000 2.95 15,000 3%

Central Marina 2 76,000 4.80 11,600 2% 99,000 6.29 20,000 3% 93,000 5.99 18,000 4%

Central Gloria 51,000 6.60 10,900 2% 34,000 11.23 12,200 2% 23,000 8.13 6,000 1%

Central Jael 56,000 2.60 4,700 1% 49,000 3.41 5,400 1% 21,000 4.97 3400 1%

Central Soledad 46,000 2.90 4,300 1% 42,000 4.76 6,500 1% 32,000 4.19 4,300 1%

Central Gabriela 47,000 2.00 3,000 1% 42,000 2.90 3,900 1% 43,000 2.37 3300 1%

Central San Salvador 5,000 1.30 200 0% 14,000 1.15 500 0% 30,000 0.93 900 0%

Central Angelica 4,000 1.80 200 0% 8,000 1.73 500 0% 35,000 1.83 2000 0%

Sinaloa Victoria 346,000 6.46 71,700 15%

Sinaloa Alexa 26,000 8.94 7,500 2%

Total 3,785,000 4.80 584,300 3,193,000 6.60 677,994 3,049,000 4.90 478,420

1 . See slide 31 for Total Inferred Resources including veins outside wireframes.

TSX:P | NYSE:PPP

This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentation may not be comparable to similar information disclosed by U.S. companies. The mineral reserve estimates in this presentation have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probable reserves” used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards. In addition, this presentation uses the terms “indicated resources” and “inferred resources” to comply with the reporting standards in Canada. The Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordance with Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. In addition, disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as in place tonnage and grade without reference to unit measures. NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no assurance that exploration will result in any category of NI 43-101 mineral resources being identified.

Notes to Investors Regarding the Use of Resources

35


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PRIMERO MINING CORP. Suite 2301, 20 Queen Street West Toronto, ON M5H 3R3 T 416 814 3160 F 416 814 3170 TF 877 619 3160 www.primeromining.com

Tamara Brown Vice President, Investor Relations T 416 814 3168 [email protected]

Trading Symbols Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT

http://www.primeromining.com/

mailto:[email protected]

primero corporate presentation november final

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